The NEAT (Nearby Earth Astrometric Telescope) mission is a proposition submitted to ESA for its 2010 call for M-size mission. The main scientific goal is to detect and characterize planetary systems in an exhaustive way down to 1 Earth mass in the habitable zone and further away, around nearby stars for F, G, and K spectral types. This survey would provide the actual planetary masses, the full characterization of the orbits including their inclination, for all the components of the planetary system down to that mass limit. Extremely- high-precision astrometry, in space, can detect the dynamical effect due to even low mass orbiting planets on their central star, reaching those scientific goals. NEAT will continue the work performed by Hipparcos (1mas precision) and Gaia (7{mu}as aimed) by reaching a precision that is improved by two orders of magnitude (0.05{mu}as, 1{sigma} accuracy). The two modules of the payload, the telescope and the focal plane, must be placed 40m away leading to a formation flying option studied as the reference mission. NEAT will operate at L2 for 5 years, the telescope satellite moving around the focal plane one to point different targets and allowing whole sky coverage in less than 20 days. The payload is made of 3 subsystems: primary mirror and its dynamic support, the focal plane with the detectors, and the metrology. The principle is to measure the angles between the target star, usually bright (R leq 6), and fainter reference stars (R leq 11) using a metrology system that projects dynamical Youngs fringes onto the focal plane. The proposed architecture relies on two satellites of about 700 kg, offering a capability of more than 20,000 reconfigurations. The two satellites are launched in a stacked configuration using a Soyuz ST launch, and are deployed after launch to individually perform cruise to their operational Lissajous orbit.